Diamond Faces Grilling in U.K.

Bob Diamond, now the former CEO of Barclays, testified before lawmakers in British Parliament, saying that the bank illegally reported low rates in October of 2008 because other banks had even lower rates."We were desperate," he said. He insisting that the bank's recent loss of several senior managers as well as $5 billion from its market value was the result of being the first bank sanctioned for manipulating interest rates. Diamond said that history will show the bank as an “incredible institution” and that the scandal is really to blame on a few “reprehensible” traders.